Hundreds of British Colombians head into the BC Day long weekend facing stress and uncertainty concerning the largest financial transaction of their lives because of the provincial government's abrupt intervention into the Metro Vancouver housing market this week.

Today, the provincial government announced it will implement a 15 per cent foreign buyer tax on all residential transactions effective August 2, 2016. The tax will be added to the Property Transfer Tax and will apply to all residential properties purchased by foreign nationals or foreign-controlled corporations.

Statement: Article in Globe and Mail - July 22, 2016

REBGV President Dan Morrison issued the following statement:

If you believe the opinions expressed in “Vested interests will prevent cleanup of British Columbia’s housing mess” (July 21), and other highly biased commentaries recently published by the Globe and Mail, you've no doubt concluded there's no hope for the real estate industry. I believe most people know that's just not true.